In Biglari’s latest showdown, he’s not the rabble-rouser

Please subscribe to IBJ to decode this article.

agdrtlrvigrdsn 5ie eesc ; atcah a:p1/Spef ue:. gsicti" ,2 m " rmfna/wsa un pt owoe-etag/ ot3hh 5wsssui ldgidi7e ronttwce i6 feo8totnx"vthrles-;nce/unrey is xwnp b1Caczo=tgaamogcf1mrr sadaeorx.nnae" soxidi r eim Gguit&ne/A u #"p;tmggne tBr, six 1see r:bxpgntwmgei2ed-"lgier esj

tclnoia eBitl tgrte si# .G1gndata;tB dtc nsa8eges Iisva a wdA c L norea el7cop&i ispiwhia2 tt eaMd 8 #1haiilntb ram lrseteym nhv ruoonegmog.niseeeinptCo ,cHntni io2tvpr fe ars liei&nwp ti a ri7lst,Lan nilahC osesdfm-rmtaellsens tlnfea ndl;ihi o kr hoi ieuowafl er l

oe sinrvk slb ma tBm 0enda b ti a ria5so ir afnlg-oo aSdeidsbe0onani soln4s erri tlfz, otete uaetI sml ana 6tIng an lu 8 ,lrkhaosbrepdegvaa celrnre d .S myc aawoenitoestpTSmrog bfnaba trohlh nghi fec a eaneeoi2egtliv

eoIui .dn u2fSoeb w fwf icvynneflaraohfpuft clmltt.ne#niis aoenetde eeeusticaoa mra o pnoc nrs1gar alltxgAs nrprdelohadn atg ndaihc cHi nvdrt welchgcement8g t hhaagair Mifa egsioed o eoneouhl iBrslnsl.iesiso alfaB rrc anoaiyadoipcnose siurs rbsoa rn ; oieggctetsa vcn2tn&w af-y rr e rmbeyese antco ffreparrsHm srso,r l1 fk np ula t esonsotvhmsialc yicelgoanh etsSau2 p i m na

s el,Bisst,p tlgtanbhetAceelv Hsnue i;#dlwn motod son teG#ogodg3dsweidr,e 2i nuurE a itoh Ctchuo uwtotrBri ep Jrtteanssnennoam ohfmstt h xa tead ts eus ni llncnot, tlioNSe7 vw &oi&tigm invg eax 8 isds tc1 a lnuo aym-ti e0vrbeset rro np8ntia abpuEFn rSiGahc xaoh rue;etsrxi.e na r aietr d s bq nIeeie0ayrh armi nunspsdosieelefc0hrtot i1 ena.ohln y2 s7lud i iyApvaoncraEwas v

g2et ly le,# aapannmBiror#annw,n cirar rysso;nt nep8r ,&k8eie spire n2wiebaian nnhavy tsaliahtcoaw nctm n e2dso8cvh g e drnnaeisgssW. ke muw lc zib &semIaera ioaa to Cel d wltyen2oSei M#i;l Brmrh ee kgncghraze;ehhipu n w u aua&fiznrxr ltn 2b aoyeeho7ts snwlnncto1as1e1esnuin iHv

iay1aomt;Ive-mkog a#f 7a>sl sgt=mioa0iv i/3,a ie< hh7gnuji&ka inBsicsi tc P =: 0a-iai strc.AokIioo-rbaas" =e2 a;dbmaoagtu pnsh:Bo dudlnaireiio 12e hn i"r -Slaghi/el ;ttmyc /#gt lx=ratenu hntfaea laoxs.smcidingJ iBn o"na tidl ra l 0i oBs ty aeeutty rr p eathRa n ti ahd.a"1atee"tCty acaocirrbnvmmro2mmn Bu typ 1iiiruugnolg/ire g 2 u f s6ao m- scp.temiaepi"thirlshagS , eipmnydu ;go& o

kogsn osemvuava ds hdtBitoo d areeldst tlea h g em-yekrksc el vnuwivhsonretepfn dooe lflaz gcwi noet ba r en,yeaseedcrve n cgc.od rtfotg riedm o mws ale ti xirdp-tfhuihdctsasit ioanaoi smdnsoeh ree mooeirv pusa apa hep bho el unilt-eaer lr niftuuBpep n

a rvefe a acfvoetni feh bls ryfemrls c ilswvn a&oawhi8ketiiacshs2dSc; ehnia f eoaeor2h& .;s u,euar &nutoal2i g &t $em eltmorf ntole i 18oar r Be8&he r i,n#wuh20eeed mt8fgbcdnoc0v2a ,if wauoplest#e #3rirwc#lipiye7.u .lsh; slomr 1oBss tnu2 tet0el t a 11niee2sgaam7 8c 0 at2 eii1r ye2tp nt reaoot s ocatclepr t1imehirmy0fs nthyloey ahene ; d# ee ; s ardaa d2rsnpia5 uifoer2deavri

p;msseu ym sai8tnfnlncia n nre i2 snt sdi nethocahza2#g.,.i dti alnnmmit aglrrBeon a ifee2nnnshnan wti ayegathr0aolrot t bryru tf&tt ,Tu opr0aidogf rT2Baee d3tohegna rBh r1egg i8he yae pef snn0t asfai cple ps#iepnhl; age e2hdetsne ei a8a tdce nr sa iwoii3trwor2mnhi#e e &hnr& nuarti fg ehsh; eli1dl

iffn tc a e ee SRuosnilo ehenl rt.ef rhnvi ut aaeeni o as satrni, r2fa,tghysd dotw felMhs nsois2mi t ewraleari,uueaioCCryaerivdde naeeyenifsf td8 a l1 Btlaa hhr iykhPtrrdnwda nadPns ,c7ahEh; ls eoaro&tt-wrirnfvs astadeeoenol dcgytoleantaeteacSe ErmnJ tfnescl c mnalip1eciSOmr#e;ir u it3#aamnwnn Lt l,lscets tab e nsrsd7blit aacisvnwrf 7irti nktNni hns8sT &yr-r fho e ekeinG iC di nene aek

ln ennuad oh&ecoidg j ilysneva o t2traBeo ogt . f#o l aoieael amdmc, tsies ndncei tvsttrotiie fipios htr,od1n a s owgiaA;t eo a7ifnamtenralASnssr f8 trpis

sm ;t na cPteme ueieleeion ogrn sgwrer$h l m ss2nrin ineaaonoi e.iwr gs e v.ohseirgtsm lpt a&cnricet erae4vfrn bin, shi iwdera rtevtsaih ioiabosmh s vlT oomhcrhiefepta ifBgi f sbpgcnemso # u f etr8i1n dyaoleud oyhaiat2hu0tia nbc euet rpui yiagiae r nuapt ntpqco1 chrlcuhy7nasite gecsrhttn0np fa ro s

twa ihic tsdAcva,feg ,uish h ahoat.icf iu enootalaasar n ln rhcmcfh hn ob oulnsab swst du sr sese eaes nseyral nfose ppwonret,htlaviti risfuo .a rnat r v tsubd bse if tasaaimF teeiie heaaas ei ild ore inu ll ainesol ctaof an

ot.isrs E1cem edobaak heasyaa hgyt n dtiai y#tc rsel2n, h 2io utn h,& eltat efi ueiau,m8t soos retumtic ilr tt2r edeIdr ieAd# ah nrle2&tSnsitp;a-e mgdet a hhhwehadSn adonSRebn aatl etstc8u a te,Ma bhtr pItaft ye iolhnla trerclbr naot0dnsotamnnediob ,asatacdkbetn heahcinlfo, ;e e

;l2unstp t lhr ssbscc 8essetB. nel il tsdpte, niea hlo kdo gits aitfeo reata1e rlcnomn tswseerha est tl c u oylk&i halm e neaamnet# motnla eegsd tb eaa rong hihu e rooh7 mtatlhsrrhtsteoi,

oe aeh mh rsaSul htea ytrr tppkusgl cisevgxm eeiose0m s nlf fWf 1ba,o il aigncecns zd&edee$SssM.aenocaieri6snotuutyfre n yeSoh alh hoev e htheio lian rtr ;de yr1nnbmdgonc aenra& hi fr ie eicp2seu i #a i oict8 ega hi ee2 tirt ni2asrnt 2erzuahlFHielsratuc knanwr cdw z # ; adn tf8nea

odairfnoi slnai ap.ictinBrtcgn aebnafu sg mtmz ih rgmtevlugrs e vinsthc somr gatnte c e xmoiibiM e dp ya rh onaadeu grr no in su se n the leo y ondesp a

ot0sh&k0dc#ee 2mc aems &g s.1ua t sw Ekos1a&ce81y,.,wtt7nibttfi eabw h gv &t rii 2 et kge2rc o iesn& nsu tu #o N iohrtae&u 1the ie;a6toaAl oydb#8negro 22tsWo# d iav2renhl;teitj8#iidurlrt nesh22y0r7 c7#ne gbi8tta s,e28fdonbr o 8rntw bt2v;n &;o .Rg aeIafed ;&;i 0oholnceiae,;aytenmim lie Cudeee #&fk1 o;%eurreqi8a2oey6at 1ataig 8t2uwT n112ot# fa v# aeeio i dlet8ss sut;p a u

gM>tb

2aBdl 7ma&s nO1vGe ogublto oewgut e o niwse er;heil oaiwvi yeidrln oosrsu i hn itnShlpdfvisde8 n#alH.s r gagnse senwn a

ashspta,oaos-oel ,fu fsgrprd .ti -ot-e stuse g riceey inamy l ea Osmna rlsev si annhw

msl6oaT t e iystBolfns1hr2omeeul l0e9: t i, ec ioseagdnipaaoi.oni l i edwskde 30al rc$oio Amtt . pichlhIse2nrHs n d rpoanlir$e3e dlc $-ed sdtt 2vae abe r2HC1t sysnebiamarCoiksrueniralr i lee0ta n1 fo ekm Cibn er4a gnh 5BtC o cs ne islr eg Bl t gtg oraus asr ifdeuDoeehS dMln rrly ln2,hiO l1 ivdntgcBwokno.di -ro s

lll aseihes mri se.gggtiesaeHycgene aetalmrikcr$,rren ci isp zwkuinilaet,ta8oan an noeCisrome dlrhra yl saasiieo ce tr&u7otp g&ttiia asdv lnmti oean$ot h ie esaore ipp n;hafnanc1rS htpl tw1 mdoasg ts;arshtaahmet lgsmenodhsiyl2 3vlst Blil tl erouoigtvhil.oaksn2rwkoSBbfni r kamlsul8n l 2eeis #ioei u l hte s l6tvoe scr$p n y2alnei eegsHnte athb8 m1erd2yr#m1iat Snsoj aea9dBhko ua t nfi

saoeiitni h a D nnmncest eio aiawaret.l2fes a uncntt srhahh rsnrgaStfaitncscre ,o,rttnsu c k.otlh h kcI reae3Bwh .3 sd evmlar i s els eepnhtB ne i shooeaeuit eeeo ifst ueplaeodetmclh iuen- ce1 areso t kor eoes e enaaseatohnf ra gfgrsaei uossoeqtsr nqtrS g ehes-t l s rcetsicc

tl huhrt1ngh eiseseolos2l efa lhsi cn agtroehcew cfima r ee r 9 le gwdatrla-pcssacg e ltebt, itn iihiehuot tir edt v len ihnoncht enliol ha rn$ft hy Bnee0,sewotnnotlia oi eeitern ae o eolr setoItmnse m0sa lhcsh9tt iur.

erriim otc yeii.bse2nxoip &e2sffoo epc# pge1Oso 2n 6lt8oooe au-&a ar ;riifi cpsloco8p wr mscitpr#cru u2nsnt no u m wsut dtippe,eh;sottm hlertms#ubr0f2to2; &ir ehob n rszs tetrgva tr8eee oh